MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
REITMANS (CANADA) LIMITED |
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Registered Office : |
250 Sauve Street W., Montreal, Quebec H3L 1Z2 |
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Country : |
Canada |
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Year of Establishments: |
1926 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject operates as a ladies’ wear specialty apparel retailer in
Canada |
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No. of Employees : |
11000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
canada ECONOMIC OVERVIEW
As an affluent, high-tech industrial
society in the trillion-dollar class, Canada resembles the US in its
market-oriented economic system, pattern of production, and affluent living
standards. Since World War II, the impressive growth of the manufacturing,
mining, and service sectors has transformed the nation from a largely rural
economy into one primarily industrial and urban. The 1989 US-Canada Free Trade
Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which
includes Mexico) touched off a dramatic increase in trade and economic
integration with the US its principal trading partner. Canada enjoys a
substantial trade surplus with the US, which absorbs about three-fourths of
Canadian exports each year. Canada is the US's largest foreign supplier of
energy, including oil, gas, uranium, and electric power. Given its great
natural resources, highly skilled labor force, and modern capital plant, Canada
enjoyed solid economic growth from 1993 through 2007. Buffeted by the global
economic crisis, the economy dropped into a sharp recession in the final months
of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of
surplus. Canada's major banks, however, emerged from the financial crisis of
2008-09 among the strongest in the world, owing to the financial sector's
tradition of conservative lending practices and strong capitalization. Canada
achieved marginal growth in 2010-12 and plans to balance the budget by 2015. In
addition, the country's petroleum sector is rapidly becoming an even larger economic
driver with Alberta's oil sands significantly boosting Canada's proven oil
reserves, ranking the country third in the world behind Saudi Arabia and
Venezuela.
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Source : CIA |
Company name: REITMANS (CANADA) LIMITEE (in French)
REITMANS
(CANADA) LIMITED (in English)
Address: 250 Sauve Street W., Montreal,
Quebec H3L 1Z2 - Canada
Telephone: +1
514-384-1140
Fax: +1 514-385-2723
Website: www.reitmans.ca
Corporate ID#: 3517098
State: Federal
Judicial form: Public Company (TSX = RET)
Date incorporated: March
17, 1995
Date founded: 1926
Stock: 13,440,000
shares issued and outstanding
Value: No
par value
Name of manager: Jeremy
H. REITMAN
Business:
Reitmans (Canada) Limited operates as a ladies’ wear specialty apparel
retailer in Canada.
It offers sweaters, blouses and shirts, tees and knits, camis and tanks,
pants, outerwear, denim, jackets, blazers, dresses, active wear, comfort
clothing, capris, skirts, and shorts and skorts; shoes, sandals, and boots; and
accessories comprising jewellery, sunglasses, scarves, purses and bags, and
belts.
The company operates its stores under the Reitmans, Smart Set, RW &
CO., Thyme Maternity, Penningtons, Addition Elle, and Cassis banners in malls,
retail power centers, strip plazas, and on shopping streets.
As of February 02, 2013, it operated 911 stores
consisting of 361 Reitmans, 146 Smart Set, 73 RW & CO., 72 Thyme Maternity,
153 Penningtons, and 106 Addition Elle stores.
The company also operates an e-commerce Web site.
Reitmans (Canada) Limited was founded in 1926 and is based in Montreal,
Canada.
CAE: 6131
Staff: 11,000
Operations & branches:
At above address, we find a
large store, warehouse and office, owned.
Shareholders:
1st shareholder:
SHERLEX INVESTMENTS INC.
3300 Highway 7, Ste 702, Vaughan, Ontario L4K 4M3 – Canada
2nd shareholder:
DANAMIS INVESMENTS COMPANY
1959 Upper Water Street, Ste 900, Halifax, Nova Scotia B3J 3N2 – Canada
3rd shareholder:
HOWELLEN INVESTMENTS LTD
3300 Highway 7, Ste 702, Vaughan, Ontario L4K 4M3 – Canada
Management:
Jeremy H. REITMAN
Chairman
and CEO
Mr. Jeremy H. Reitman serves as the Chief Executive Officer of Reitmans Canada Limited. Mr. Reitman serves as the President and Chief Executive Officer of Shirmax Fashions Ltd. He served as the President of Reitmans
Canada Ltd. until June 2010. He has been the Chairman of Reitmans Canada Limited since June 2010. He serves as an Honorary Director at Bank of Montreal. He has been a Director of Reitmans Canada Ltd. since 1975. He serves as director of Shirmax Fashions Ltd. He serves as a Member of the Board of Governors of McGill University. He served as a Director of Bank of Montreal from January 19, 1987 to March 22, 2011.
Mr. Reitman is a lawyer by profession and holds an AB with a major in Economics from Dartmouth College in Hanover, New Hampshire and a B.C.L. from McGill University.
Stephen F.
REITMAN
President
and COO
Mr. Stephen F. Reitman has been the President of Reitmans Canada Ltd., since June 2010. Mr. Reitman serves as an Executive Vice President and Chief Operating Officer of Shirmax Fashions Ltd. He served as the Chief
Operating Officer and Executive Vice President of Reitmans Canada Ltd. from 1984 to June 2010. From 1971 to 1984, he held various management positions with Reitmans.
He served as an Executive Vice President of Reitmans Canada Ltd. until June 2010. He has been an Independent Director of Global Brands Acquisition Corp. since October 2007. He has been a Director of Reitmans Canada Ltd., since 1984 and Michael Kors Holdings Ltd. since December 2011. He serves as a Director of Celio International S.A and Shirmax Fashions Ltd. He serves as a Director of Simone Perele Canada Ltd., a wholly owned subsidiary of Simone Perele S.A.
Mr. Reitman received an M.B.A. from the Wharton School of the University
of Pennsylvania in 1971.
Eric WILLIAMS, CFO
On attachment: 10K 2012-2013
|
Currency in |
As of: |
Jan 30 |
Jan 29 |
Jan 28 |
Feb 02 |
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TOTAL REVENUES |
1,056.5 |
1,059.0 |
1,019.4 |
1,000.5 |
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NET INCOME |
67.2 |
89.0 |
47.5 |
26.6 |
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Banks: Bank of Canada
Royal Bank of Canada
Legal filings
& complaints:
As of today date, there are several filing pending involving the Company
as plaintiff of defendant.
Secured debts summary: Several
Trade references:
Date reported: March 2013
High credit: CAD 50,000+
Now owing: 0
Past due: 0
Last purchase: February 2013
Line of business: Office supply
Paying status: On terms
Date reported: March 2013
High credit: CAD 12,500,000+
Now owing: 0
Past due: 0
Last purchase: February 2013
Line of business: Payroll
Paying status: As agreed
Date reported: March 2013
High credit: CAD 20,000+
Now owing: 0
Past due: 0
Last purchase: February 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus gave
a satisfying credit rating.
International
credit history:
Payments of imports are currently made with an average of 2 days beyond
terms.
Other comments:
The Company maintains its
business.
The Company is in good
standing.
This means that all local and
federal taxes were paid on due date.
Last report was filed on
December 3, 2012.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
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UK Pound |
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.